Real Estate Now: News, Views and More for Mississauga and the GTA!
1270 Central Parkway West #101 L5C 4P4 Mississauga, ON, Canada

"We're already seeing a big jump in refinance requests as people try to restructure their debt ahead of potential income loss..." It's hard to know how many Canadians will face hefty mortgage penalties due to the COVID-19 crisis, but Canada Mortgage and Housing Corporation (CMHC) CEO Evan Siddall expressed concern before the federal finance committee two weeks ago.

"Personal finance experts are warning that Canadians should only apply for a mortgage deferral once all emergency funds and government programs such as EI and the Canada Emergency Response Benefit (CERB) which pays $2,000 a month for up to four months for individuals who've lost all income due to the pandemic have been exhausted. "That would be your last resort," says Scott Hannah, president and CEO of the Vancouver-based Credit Counselling Society, who calculates that deferring payments could add an additional six months to a year for people to pay off their mortgages."

"Homeowners need a nationwide financial strategy that will help them pull through this crisis. And there is one. This strategy is easy to implement and requires no cash injection from the government, but it will help Canadians for years to come and will have a lasting positive impact on the economy. The government needs to take three simple steps."

"The site of a proposed hotel development in Mississauga is home to some 19th-century artifacts. According to a recent archaeological assessment, The Archaeologists Inc. was contracted to conduct an assessment for 6710 Hurontario Streeta vacant lot that could become home to a nine-storey hotel, banquet hall, and restaurant." I find it fascinating to learn about the history of the previous property owners! We will see what else they discover.

Home is where the heart is... The topic of seniors facing the future of staying in their home, moving to a retirement home, and other concerns they have aren't often talked about, but I've been speaking to quite a few lately who made the move while healthy into a retirement home and they are quite happy. They no longer wanted to take on the work of running a home. Some prefer to stay at home till the end. It's a huge emotional and financial decision.